Help--How do I write a SOL and get the report clear

[Anonymous]

Hi--I have a few items with "potential negative" on my CR.  How do I write a SOL, and get the items deleted.

Should I get all 3 reports now and compare or do I get the one, fight the items and see if the the 2nd agency report is cleared in 2 months?  Please help. 

[Anonymous]

Hello.

Statue of Limitation (SOL) is only the amount of time the CA can sue you.    There is 7.5 year wait to delete the record from the report. Write GW letter if they are paid accounts.  You should pull all 3 reports and compare.  They don't always follow in line with the other agencies.

[Anonymous]

thank you---is the 7.5 years across the board in every state?

[Anonymous]

the debts were sold and I paid them off.  where do I get the GW letter.  The debts are paid...what can I do?

[moondog7324]

SOL is an affirmative defense to a lawsuit (statute of limitations) it varies state by state , in some states you can still be sued on time-barred debt, it is your responsibility in court to raise the SOL defense. It has no relations to how long a debt can be listed on your credit report. the reporting period for a bad debt on your credit report is 7.5 years. Regardless of SOL.

If you have reports listed that are negative an older than 7.5 years then you can dispute them with the CRA as obsolete. There are some staes that may have an SOL longer than 7.5 yrs- so you may still be sued after the report is off your report.

Check your state laws regarding SOL- there may be a link post somewhere in this forum.

I hope I didn't confuse you. 

[Anonymous]

You want to write a GW letter to the last person reporting to the CRA.

[Anonymous]

Paid collections and charge offs are removed 5 years from DOFD if you are a NY resident.

[moondog7324]

Rosie- this is step 1:

Go to www.annualcreditreport.com get your free report- don't buy the extras, scores etc. just get your free report from all 3 agencies- You are entitled to 1 free report a year- THIS IS THE PLACE- do not get fooled by pay sites like freecreditreport- etc.

Go over the reports- find the things that appear to be hurting you. Pay attention to dates- date of first delinquency is a biggie. If you have questions- this forum is the place.

If you want to get your scores- buy the EQ and TU scored from here ( www.myfico.com ) Do not worry about EX- and do not get scores from other sources- again-this will only lead to confusion. I reccommend getting the scores only as a sstarting point of reference. You do not want to get obsessesd with your scores- you focus should be managing your debt, not your Fico.. Maybe after at least 6 months of repair you can buy the scores again from www.myfico.com to see what kind of progress you've made.

You are on the right path!- all the answers are here- there is no easy solutions. Credit repair has two facets- repairing the bad, and building the good. 

[moondog7324]

Sidewinder- 5 yrs- for reporting on CRAs in NY??? I never knew that- is there any other states like that?

[Anonymous]

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moondog7324 wrote:
Sidewinder- 5 yrs- for reporting on CRAs in NY??? I never knew that- is there any other states like that?

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Not to my knowledge.

NY has its own FCRA. It has to be paid or it remains for the full time.